I’ve never found it all that compelling. The price does matter—the cost of a suit for a one-off event is trivial, but once you start talking about real sacrifice (say, a year being forced to live far more cheaply than you’re used to), it’s not obvious what most people would do.
Also, there’s a world of difference between the rare/unplanned/one-time event and the equilibrium/expected/repeated situation. At some point, drowning kids that just happen to need exactly the amount I’m willing to pay is pretty darned suspicious, and I’m likely to play the precommittment game of “sorry, left my wallet at home”.
I’ve never found it all that compelling. The price does matter—the cost of a suit for a one-off event is trivial, but once you start talking about real sacrifice (say, a year being forced to live far more cheaply than you’re used to), it’s not obvious what most people would do.
Also, there’s a world of difference between the rare/unplanned/one-time event and the equilibrium/expected/repeated situation. At some point, drowning kids that just happen to need exactly the amount I’m willing to pay is pretty darned suspicious, and I’m likely to play the precommittment game of “sorry, left my wallet at home”.